XAUUSD: 17/3 Today's Market Analysis and Strategy

Gold technical analysis
Daily chart resistance 3000-3030, support below 2905
Four-hour chart resistance 3000, support below 2978
One-hour chart resistance 3000, support below 2980

Analysis of gold news: Last week, the gold market ushered in a historic breakthrough. Spot gold surged to $3005 and then fell back to consolidate. The current gold market is in a bullish and bearish game of "strong fundamental support" and "technical overbought correction". Safe-haven demand, central bank gold purchases and interest rate cut expectations constitute the basis for medium- and long-term increases, but in the short term, we need to guard against policy expectations and profit-taking selling pressure. This week's Federal Reserve meeting will become a bull-bear vane. If a loose signal is released, gold is expected to break through $3050 and open up new upside space; if the statement is hawkish or the economic data is stronger than expected, we need to be wary of the long-short battle at the $3000 mark. We need to keep a close eye on the changes in the Bollinger Bands channel shape and the momentum conversion of the MACD/RSI indicator to capture early signals of trend continuation or reversal.

Gold operation suggestions: Last Friday, the technical side of gold finally ushered in a bullish upward breakthrough after repeated fluctuations around the 2980 mark. The European session once accelerated to break through the 3000-point integer mark, and then fell under pressure and fell into a volatile consolidation. The overall gold price continued the extremely strong unilateral upward pattern of bulls. Gold began to trade sideways at a high level again. After falling to 2878 on Friday, it continued to bottom out and rebound. Gold bulls are still better. Now it is accumulating momentum at a high level, but gold has not seen a large adjustment. For the time being, bulls still dominate the market and wait for a decline to continue buying.

From the current trend analysis, today's lower support focuses on the one-hour level 2980 and the four-hour level 2978 line, focusing on the long-short dividing line support of 2950. The intraday retracement relies on the 2980-2978 line to continue to be bullish and unchanged, and the upper target is still concerned about the new high.

Buy: 2980near SL: 2975
Buy: 2950near SL: 2945